← Morgan Stanley Capital I Trust 2019-L2 · Loan annex · CMBS market
- Deal
- Morgan Stanley Capital I Trust 2019-L2
- Current balance
- $40.4M (September 2026)
- Share of deal
- 4.7%
- Status
- 90+ days delinquent
- DSCR (latest)
- 0.91
- Occupancy (latest)
- 68%
- Scheduled maturity
- 2029-03-01
Property and terms
| Property | Le Meridien Hotel Dallas |
| Address | 13402 Noel Road; Dallas, TX 75240 |
| Property type | Lodging |
| Units, beds or keys | 258 |
| Net rentable square feet | 205,745 |
| Year built | 2002 |
| Year last renovated | 2018 |
| Original balance | $42.8M |
| Current balance | $40.4M (September 2026) |
| Share of deal balance | 4.7% |
| Interest rate at origination | 5.58% |
| Current interest rate | 5.58% |
| Origination date | 02-08-2019 |
| Original term | 120 months |
| Amortization term | 360 months |
| Interest-only period | not yet reported |
| Scheduled maturity | 2029-03-01 |
| Prepayment lockout end | 11-30-2028 |
| Yield maintenance end | not yet reported |
| Servicer | Wells Fargo |
| Loan servicer | not yet reported |
| Originator | Morgan Stanley Bank, N.A |
| Current status | 90+ days delinquent |
| Specially serviced now | Yes |
| Defeased | No |
Valuation
| Basis | Amount | Date | Source (as filed) |
|---|---|---|---|
| At securitization | $61.2M | 12-10-2018 | MAI |
| Most recent reported | $48.5M | 2026-02-25 | MAI |
Change from securitization to the most recent reported valuation: -20.8%.
Monthly history
| Month | Balance | Status | Rate | DSCR (NCF) | DSCR (NOI) | Occupancy | Advances | Financial period end | Revenue | Expenses | NOI | NCF |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| March 2019 | $42.8M | Matured balloon, performing | 5.58% | not yet reported | not yet reported | not yet reported | $0 | not yet reported | not yet reported | $7.2M | not yet reported | not yet reported |
| April 2019 | $42.8M | Current | 5.58% | not yet reported | not yet reported | not yet reported | not yet reported | not yet reported | not yet reported | not yet reported | not yet reported | not yet reported |
| May 2019 | $42.8M | Current | 5.58% | not yet reported | not yet reported | not yet reported | not yet reported | not yet reported | not yet reported | not yet reported | not yet reported | not yet reported |
| June 2019 | $42.7M | Current | 5.58% | not yet reported | not yet reported | not yet reported | not yet reported | not yet reported | not yet reported | not yet reported | not yet reported | not yet reported |
| July 2019 | $42.7M | Current | 5.58% | not yet reported | not yet reported | not yet reported | not yet reported | not yet reported | not yet reported | not yet reported | not yet reported | not yet reported |
| August 2019 | $42.6M | Current | 5.58% | not yet reported | not yet reported | not yet reported | not yet reported | not yet reported | not yet reported | not yet reported | not yet reported | not yet reported |
| September 2019 | $42.6M | Current | 5.58% | not yet reported | not yet reported | not yet reported | not yet reported | not yet reported | not yet reported | not yet reported | not yet reported | not yet reported |
| October 2019 | $42.5M | Current | 5.58% | 1.66 | 1.84 | 82% | not yet reported | 06-30-2019 | $13.3M | $7.8M | $5.4M | $4.9M |
| November 2019 | $42.5M | Current | 5.58% | 1.66 | 1.84 | 82% | not yet reported | 06-30-2019 | $13.3M | $7.8M | $5.4M | $4.9M |
| December 2019 | $42.5M | Current | 5.58% | 1.66 | 1.84 | 82% | not yet reported | 06-30-2019 | $13.3M | $7.8M | $5.4M | $4.9M |
| January 2020 | $42.4M | Current | 5.58% | 1.66 | 1.84 | 81% | not yet reported | 06-30-2019 | $13.3M | $7.8M | $5.4M | $4.9M |
| February 2020 | $42.4M | Current | 5.58% | 1.51 | 1.68 | 81% | not yet reported | 09-30-2019 | $12.7M | $7.7M | $5.0M | $4.4M |
| March 2020 | $42.3M | Current | 5.58% | 1.51 | 1.68 | 81% | not yet reported | 09-30-2019 | $12.7M | $7.7M | $5.0M | $4.4M |
| April 2020 | $42.3M | Matured balloon, non-performing | 5.58% | 1.46 | 1.64 | 83% | $245,213 | 12-31-2019 | $12.7M | $7.8M | $4.8M | $4.3M |
| May 2020 | $42.3M | 30-59 days delinquent | 5.58% | not yet reported | not yet reported | not yet reported | $490,433 | not yet reported | not yet reported | not yet reported | not yet reported | not yet reported |
| June 2020 | $42.3M | 60-89 days delinquent | 5.58% | not yet reported | not yet reported | not yet reported | $735,646 | not yet reported | not yet reported | not yet reported | not yet reported | not yet reported |
| July 2020 | $42.3M | 90+ days delinquent | 5.58% | not yet reported | not yet reported | not yet reported | $980,866 | not yet reported | not yet reported | not yet reported | not yet reported | not yet reported |
| August 2020 | $42.3M | 90+ days delinquent | 5.58% | 1.37 | 1.54 | 79% | $1.2M | 03-31-2020 | $12.2M | $7.7M | $4.5M | $4.0M |
| September 2020 | $42.3M | 90+ days delinquent | 5.58% | 1.37 | 1.54 | 79% | $1.5M | 03-31-2020 | $12.2M | $7.7M | $4.5M | $4.0M |
| October 2020 | $42.3M | 90+ days delinquent | 5.58% | 1.37 | 1.54 | 79% | $1.7M | 03-31-2020 | $12.2M | $7.7M | $4.5M | $4.0M |
| November 2020 | $42.3M | 90+ days delinquent | 5.58% | 1.37 | 1.54 | 79% | $2.0M | 03-31-2020 | $12.2M | $7.7M | $4.5M | $4.0M |
| December 2020 | $42.3M | 90+ days delinquent | 5.58% | 1.37 | 1.54 | 79% | $2.2M | 03-31-2020 | $12.2M | $7.7M | $4.5M | $4.0M |
| January 2021 | $40.0M | Current | 4.63% | 2.18 | 2.29 | 100% | $0 | 09-30-2020 | $8.0M | $455,252 | $7.5M | $7.2M |
| February 2021 | $42.3M | 90+ days delinquent | 5.58% | 1.37 | 1.54 | 79% | $2.7M | 03-31-2020 | $12.2M | $7.7M | $4.5M | $4.0M |
| March 2021 | $42.3M | 90+ days delinquent | 5.58% | 1.37 | 1.54 | 79% | $2.9M | 03-31-2020 | $12.2M | $7.7M | $4.5M | $4.0M |
| April 2021 | $42.3M | 90+ days delinquent | 5.58% | 1.37 | 1.54 | 79% | $3.2M | 03-31-2020 | $12.2M | $7.7M | $4.5M | $4.0M |
| May 2021 | $42.3M | 90+ days delinquent | 5.58% | not yet reported | not yet reported | not yet reported | $3.4M | not yet reported | not yet reported | not yet reported | not yet reported | not yet reported |
| June 2021 | $42.3M | 90+ days delinquent | 5.58% | not yet reported | not yet reported | not yet reported | $3.7M | not yet reported | not yet reported | not yet reported | not yet reported | not yet reported |
| July 2021 | $42.3M | 90+ days delinquent | 5.58% | not yet reported | not yet reported | not yet reported | $3.9M | not yet reported | not yet reported | not yet reported | not yet reported | not yet reported |
| August 2021 | $42.3M | 90+ days delinquent | 5.58% | not yet reported | not yet reported | not yet reported | $4.2M | not yet reported | not yet reported | not yet reported | not yet reported | not yet reported |
| September 2021 | $42.3M | 90+ days delinquent | 5.58% | not yet reported | not yet reported | not yet reported | $4.4M | not yet reported | not yet reported | not yet reported | not yet reported | not yet reported |
| October 2021 | $42.3M | 90+ days delinquent | 5.58% | not yet reported | not yet reported | not yet reported | $4.7M | not yet reported | not yet reported | not yet reported | not yet reported | not yet reported |
| November 2021 | $42.3M | 90+ days delinquent | 5.58% | not yet reported | not yet reported | not yet reported | $4.9M | not yet reported | not yet reported | not yet reported | not yet reported | not yet reported |
| December 2021 | $42.3M | 90+ days delinquent | 5.58% | not yet reported | not yet reported | not yet reported | $5.1M | not yet reported | not yet reported | not yet reported | not yet reported | not yet reported |
| January 2022 | $42.3M | 90+ days delinquent | 5.58% | not yet reported | not yet reported | not yet reported | $5.4M | not yet reported | not yet reported | not yet reported | not yet reported | not yet reported |
| February 2022 | $42.3M | 90+ days delinquent | 5.58% | not yet reported | not yet reported | not yet reported | $5.6M | not yet reported | not yet reported | not yet reported | not yet reported | not yet reported |
| March 2022 | $42.3M | 90+ days delinquent | 5.58% | not yet reported | not yet reported | not yet reported | $5.9M | not yet reported | not yet reported | not yet reported | not yet reported | not yet reported |
| April 2022 | $42.3M | 90+ days delinquent | 5.58% | not yet reported | not yet reported | not yet reported | $6.1M | not yet reported | not yet reported | not yet reported | not yet reported | not yet reported |
| May 2022 | $42.3M | 90+ days delinquent | 5.58% | not yet reported | not yet reported | not yet reported | $6.4M | not yet reported | not yet reported | not yet reported | not yet reported | not yet reported |
| June 2022 | $42.3M | 90+ days delinquent | 5.58% | not yet reported | not yet reported | not yet reported | $6.6M | not yet reported | not yet reported | not yet reported | not yet reported | not yet reported |
| July 2022 | $41.8M | 90+ days delinquent | 5.58% | not yet reported | not yet reported | not yet reported | $4.2M | not yet reported | not yet reported | not yet reported | not yet reported | not yet reported |
| August 2022 | $41.8M | 90+ days delinquent | 5.58% | not yet reported | not yet reported | not yet reported | $4.4M | not yet reported | not yet reported | not yet reported | not yet reported | not yet reported |
| September 2022 | $41.8M | 90+ days delinquent | 5.58% | not yet reported | not yet reported | not yet reported | $4.7M | not yet reported | not yet reported | not yet reported | not yet reported | not yet reported |
| October 2022 | $41.8M | 90+ days delinquent | 5.58% | not yet reported | not yet reported | not yet reported | $4.9M | not yet reported | not yet reported | not yet reported | not yet reported | not yet reported |
| November 2022 | $41.8M | 90+ days delinquent | 5.58% | 0.45 | 0.45 | not yet reported | $5.1M | 06-30-2022 | $2.7M | $2.0M | $656,243 | $656,243 |
| December 2022 | $41.8M | 90+ days delinquent | 5.58% | 0.45 | 0.45 | not yet reported | $5.4M | 06-30-2022 | $2.7M | $2.0M | $656,243 | $656,243 |
| January 2023 | $41.8M | 90+ days delinquent | 5.58% | 0.45 | 0.45 | not yet reported | $5.6M | 06-30-2022 | $2.7M | $2.0M | $656,243 | $656,243 |
| February 2023 | $41.8M | 90+ days delinquent | 5.58% | 0.45 | 0.45 | not yet reported | $5.9M | 06-30-2022 | $2.7M | $2.0M | $656,243 | $656,243 |
| March 2023 | $41.8M | 90+ days delinquent | 5.58% | 0.45 | 0.45 | not yet reported | $6.1M | 06-30-2022 | $2.7M | $2.0M | $656,243 | $656,243 |
| April 2023 | $41.8M | 90+ days delinquent | 5.58% | 0.97 | 1.13 | 61% | $6.4M | 09-30-2022 | $9.8M | $6.5M | $3.3M | $2.8M |
| May 2023 | $41.8M | 90+ days delinquent | 5.58% | not yet reported | not yet reported | not yet reported | $3.1M | not yet reported | not yet reported | not yet reported | not yet reported | not yet reported |
| June 2023 | $41.8M | 90+ days delinquent | 5.58% | not yet reported | not yet reported | not yet reported | $2.4M | not yet reported | not yet reported | not yet reported | not yet reported | not yet reported |
| July 2023 | $41.8M | 90+ days delinquent | 5.58% | not yet reported | not yet reported | not yet reported | $2.1M | not yet reported | not yet reported | not yet reported | not yet reported | not yet reported |
| August 2023 | $41.8M | 90+ days delinquent | 5.58% | not yet reported | not yet reported | not yet reported | $1.5M | not yet reported | not yet reported | not yet reported | not yet reported | not yet reported |
| September 2023 | $41.8M | 90+ days delinquent | 5.58% | 1.46 | 1.46 | 72% | $1.7M | 03-31-2023 | $3.2M | $2.1M | $1.1M | $1.1M |
| October 2023 | $41.7M | 90+ days delinquent | 5.58% | 1.46 | 1.46 | 72% | $1.5M | 03-31-2023 | $3.2M | $2.1M | $1.1M | $1.1M |
| November 2023 | $41.6M | 90+ days delinquent | 5.58% | 1.46 | 1.46 | 72% | $1.2M | 03-31-2023 | $3.2M | $2.1M | $1.1M | $1.1M |
| December 2023 | $41.6M | 90+ days delinquent | 5.58% | 1.46 | 1.46 | 72% | $1.2M | 03-31-2023 | $3.2M | $2.1M | $1.1M | $1.1M |
| January 2024 | $41.5M | 90+ days delinquent | 5.58% | 1.17 | 1.34 | 72% | $1.2M | 06-30-2023 | $11.7M | $7.8M | $3.9M | $3.4M |
| February 2024 | $41.5M | 90+ days delinquent | 5.58% | 1.09 | 1.26 | 66% | $1.2M | 09-30-2023 | $11.0M | $7.3M | $3.7M | $3.2M |
| March 2024 | $41.4M | 90+ days delinquent | 5.58% | 1.09 | 1.26 | 66% | $1.2M | 09-30-2023 | $11.0M | $7.3M | $3.7M | $3.2M |
| April 2024 | $41.4M | 90+ days delinquent | 5.58% | 1.09 | 1.26 | 66% | $1.0M | 09-30-2023 | $11.0M | $7.3M | $3.7M | $3.2M |
| May 2024 | $41.3M | 90+ days delinquent | 5.58% | not yet reported | not yet reported | not yet reported | $980,890 | not yet reported | not yet reported | not yet reported | not yet reported | not yet reported |
| June 2024 | $41.2M | 60-89 days delinquent | 5.58% | not yet reported | not yet reported | not yet reported | $735,661 | not yet reported | not yet reported | not yet reported | not yet reported | not yet reported |
| July 2024 | $41.2M | 90+ days delinquent | 5.58% | not yet reported | not yet reported | not yet reported | $980,886 | not yet reported | not yet reported | not yet reported | not yet reported | not yet reported |
| August 2024 | $41.1M | 60-89 days delinquent | 5.58% | 1.25 | 1.42 | 62% | $735,662 | 03-31-2024 | $2.9M | $1.8M | $1.0M | $923,499 |
| September 2024 | $41.0M | 60-89 days delinquent | 5.58% | 1.25 | 1.42 | 62% | $735,663 | 03-31-2024 | $2.9M | $1.8M | $1.0M | $923,499 |
| October 2024 | $41.0M | 30-59 days delinquent | 5.58% | 1.25 | 1.42 | 62% | $735,664 | 03-31-2024 | $2.9M | $1.8M | $1.0M | $923,499 |
| November 2024 | $40.9M | 60-89 days delinquent | 5.58% | 1.24 | 1.41 | 65% | $735,664 | 06-30-2024 | $11.7M | $7.5M | $4.2M | $3.7M |
| December 2024 | $40.9M | 60-89 days delinquent | 5.58% | 1.24 | 1.41 | 65% | $735,671 | 06-30-2024 | $11.7M | $7.5M | $4.2M | $3.7M |
| January 2025 | $40.8M | 60-89 days delinquent | 5.58% | 1.24 | 1.41 | 65% | $735,666 | 06-30-2024 | $11.7M | $7.5M | $4.2M | $3.7M |
| February 2025 | $40.6M | Matured balloon, non-performing | 5.58% | 1.24 | 1.41 | 65% | $245,220 | 06-30-2024 | $11.7M | $7.5M | $4.2M | $3.7M |
| March 2025 | $40.6M | Matured balloon, non-performing | 5.58% | 1.04 | 1.20 | 62% | $245,238 | 09-30-2024 | $10.8M | $7.2M | $3.5M | $3.1M |
| April 2025 | $40.5M | Matured balloon, non-performing | 5.58% | 1.04 | 1.20 | 62% | $245,221 | 09-30-2024 | $10.8M | $7.2M | $3.5M | $3.1M |
| May 2025 | $40.5M | 30-59 days delinquent | 5.58% | not yet reported | not yet reported | not yet reported | $490,448 | not yet reported | not yet reported | not yet reported | not yet reported | not yet reported |
| June 2025 | $40.5M | 30-59 days delinquent | 5.58% | not yet reported | not yet reported | not yet reported | $490,448 | not yet reported | not yet reported | not yet reported | not yet reported | not yet reported |
| July 2025 | $40.4M | 30-59 days delinquent | 5.58% | not yet reported | not yet reported | not yet reported | $490,449 | not yet reported | not yet reported | not yet reported | not yet reported | not yet reported |
| August 2025 | $40.4M | 60-89 days delinquent | 5.58% | 1.08 | 1.25 | 64% | $735,671 | 03-31-2025 | $2.8M | $1.9M | $919,463 | $796,308 |
| September 2025 | $40.4M | 90+ days delinquent | 5.58% | 1.08 | 1.25 | 64% | $980,893 | 03-31-2025 | $2.8M | $1.9M | $919,463 | $796,308 |
| October 2025 | $40.4M | 90+ days delinquent | 5.58% | 1.08 | 1.25 | 64% | $1.2M | 03-31-2025 | $2.8M | $1.9M | $919,463 | $796,308 |
| November 2025 | $40.4M | 90+ days delinquent | 5.58% | 0.95 | 1.12 | 66% | $1.5M | 06-30-2025 | $11.0M | $7.7M | $3.3M | $2.8M |
| December 2025 | $40.4M | 90+ days delinquent | 5.58% | 0.95 | 1.12 | 66% | $1.7M | 06-30-2025 | $11.0M | $7.7M | $3.3M | $2.8M |
| January 2026 | $40.4M | 90+ days delinquent | 5.58% | 0.95 | 1.12 | 66% | $2.0M | 06-30-2025 | $11.0M | $7.7M | $3.3M | $2.8M |
| February 2026 | $40.4M | 90+ days delinquent | 5.58% | 0.68 | 0.85 | 63% | $2.2M | 09-30-2025 | $10.0M | $7.6M | $2.5M | $2.0M |
| March 2026 | $40.4M | 90+ days delinquent | 5.58% | 0.68 | 0.85 | 63% | $2.5M | 09-30-2025 | $10.0M | $7.6M | $2.5M | $2.0M |
| April 2026 | $40.4M | 90+ days delinquent | 5.58% | 0.68 | 0.85 | 63% | $2.7M | 09-30-2025 | $10.0M | $7.6M | $2.5M | $2.0M |
| May 2026 | $40.4M | 90+ days delinquent | 5.58% | not yet reported | not yet reported | not yet reported | $2.7M | not yet reported | not yet reported | not yet reported | not yet reported | not yet reported |
| June 2026 | $40.4M | 90+ days delinquent | 5.58% | not yet reported | not yet reported | not yet reported | $2.9M | not yet reported | not yet reported | not yet reported | not yet reported | not yet reported |
| July 2026 | $40.4M | 90+ days delinquent | 5.58% | not yet reported | not yet reported | not yet reported | $3.2M | not yet reported | not yet reported | not yet reported | not yet reported | not yet reported |
| August 2026 | $40.4M | 90+ days delinquent | 5.58% | not yet reported | not yet reported | not yet reported | $3.4M | not yet reported | not yet reported | not yet reported | not yet reported | not yet reported |
| September 2026 | $40.4M | 90+ days delinquent | 5.58% | 0.91 | 0.91 | 68% | $3.7M | 03-31-2026 | $863,234 | $639,308 | $223,926 | $223,926 |
Revenue, expenses, net operating income (NOI) and net cash flow (NCF) are the most recent financials reported as of each month, for the financial period ending on the date shown. DSCR is debt service coverage on the net cash flow and net operating income bases as reported.
Status timeline
| Date | Event |
|---|---|
| May 2020 | First reported 30 or more days delinquent |
| 2020-06-15 | Transferred to the special servicer |
| 2023-01-18 | Loan modified (rate after modification 0.00%; maturity after modification 2029-03-01; payment after modification $0) |
Sources: SEC Form ABS-EE asset-level reports for the deal. Definitions are in the methods note on the market page.